NO.PZ2023040301000028
问题如下：
Jason Williams purchased 500 shares of a company at $32 per share. The stock was bought on 75 percent margin. One month later, Williams had to pay interest on the amount borrowed at a rate of 2 percent per month. At that time, Williams received a dividend of $0.50 per share. Immediately after that he sold the shares at $28 per share. He paid commissions of $10 on the purchase and $10 on the sale of the stock. What was the rate of return on this investment for the one-month period?
选项：
A.–12.5 percent
–15.4 percent
–50.1 percent
解释：
Total cost of the purchase = $16,000 = 500 X $32
Equity invested = $12,000 = 0.75 X $16,000
Amount borrowed = $4,000 = $16,000 - $12,000
Interest paid at month end = $80 = 0.02 X $4,000
Dividend received at month end = $250 = 500 X $0.50
Proceeds on stock sale = $14,000 = 500 X 28
Total commissions paid = $20 = $10 + $10
Net gain/loss = -$1,850 = -16,000 - 80 + 250 + 14,000- 20
Initial investment including commission on purchase = $12,010
Return = - 15.4% =-$1,850 / $12,010
10commission不是收入吗？为什么属于Initial investment
